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White & Case Advises Underwriters on Volvo Cars' SEK 20 Billion IPO

Global law firm White & Case LLP has advised the underwriting syndicate led by Goldman Sachs Bank Europe SE and Skandinaviska Enskilda Banken AB on the SEK 20 billion initial public offering (IPO) and listing on Nasdaq Stockholm of Volvo Cars.

"We advised the underwriting syndicate led by Goldman Sachs and SEB on this landmark transaction," said White & Case partner Johan Thiman, who co-led the Firm's deal team. "The successful Volvo Cars float is a landmark IPO globally and the second largest listing ever on Nasdaq Stockholm."

White & Case partner Mikko Hulkko, who co-led the team, said: "This is a another great example of our capabilities to deliver on the largest and most complex cross-border capital markets transactions and showcase our strengths and our team's position as a market leading ECM practice in the Nordics."

Goldman Sachs Bank Europe SE and Skandinaviska Enskilda Banken AB acted as joint global coordinators and joint bookrunners; BNP PARIBAS, HSBC Continental Europe, J.P. Morgan AG, Morgan Stanley & Co. International plc and Nordea Bank Abp, filial i Sverige acted as joint bookrunners; and Carnegie Investment Bank AB and Swedbank AB acted as Co-Lead Managers on the IPO.

Trading in the shares of Volvo Cars commenced on October 29, 2021. The price in the IPO was fixed at SEK 53 per share, raising gross proceeds of approximately SEK 20 billion. Based on the IPO price, Volvo Cars' market capitalisation is SEK 158 billion.

Founded in Sweden in 1927, Volvo Cars is one of the world's fastest growing premium automotive brands and is focused on the design, engineering, manufacturing, distribution and sale of premium passenger cars. It has a particular focus on sustainability, fully electric cars and direct to customer relations, including subscription and other new mobility services. Zhejiang Geely Holding Group (ZGH), the largest shareholder in Volvo Cars, is a global automotive group which consists of several international brands including Geely Auto, Zeekr, LYNK & CO, Geometry, Volvo Car, Polestar, London Electric Vehicle Company (LEVC), PROTON, Lotus, and Terrafugia.

The White & Case team which advised on the transaction was co-led by partners Johan Thiman (Stockholm) and Mikko Hulkko (Helsinki) and included associates Thomas Killeen (Helsinki), Christoffer Nilmén and Izabella Barisa (both Stockholm). Lawyers from the White & Case offices in Dubai, Hong Kong, London, Melbourne, Singapore and Tokyo also advised on the transaction.

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